3 mindset shifts from billionaires (you won't find in books/videos)

All right. You just got done hanging out

with some big ballers. It wore off on

you to where you think you have the

audacity to wear a varsity jacket.

>> I have a stylist now.

>> Is it Marty McFly from Back to the

Future? Is [laughter] that your stylist?

>> It's AC Slater from Save by the Bell.

>> We just threw uh one of our annual

events. It's our basketball camp for

founders. what Forbes calls the

billionaires basketball camp. They never

covered it, but I did pitch that to them

in an email that they didn't reply to.

And yeah, so we did this thing. It was

amazing. And uh I guess what you want to

debrief? Should we What? What do you

want to know?

>> Yeah. Yeah. I want to know everything.

So I've gone two out of the four years.

And it seems like each time the average

net worth has gone up, like you've added

a zero to it. Because I I think I heard

you did this event this year in uh

Greenville, North Carolina, I think,

which is a very small town, and there

were 17 private jets in town that

weekend. [laughter]

>> Yeah. Out of like 25 guests.

>> Yeah, it's pretty crazy. So, okay. So, I

I wrote down some learnings because I

don't want to tell you too much about

the event.

>> Well, can you give some background to

it? The 30 secondond description is I

hate conferences because networking,

suits and ties, ice breakers, awkward

forced social interactions. Don't like

that part. But I also do love meeting

new interesting people. So the idea was

like, can you have the good without the

bad? Can you have your cake and eat it

too? And I've learned in the past that

basically every time you complain,

you've planted a seed of an opportunity.

So like my complaint about conferences

signal to me that maybe there's an

opportunity to reinvent this, right? In

innovation comes from irritation. So my

irritation at conferences led me to ask

a different question. What would be the

type of conference that I would love to

go to? And so we kind of architected

this thing that's basically just the

three things we like the most put

together. So it was, well, what if we

got together and instead of being in

like a a ballroom sea of the hotel and

we're all just standing around

awkwardly? What if we got to what if we

got together and we played sports? So

what if we played basketball? So the the

the ice breaker is when you get to the

event, you get put on teams and within

an hour we go play b pick up basketball

together and you get to know each other

that way before you do small talk and

all this other stuff.

The second part is so you play

basketball and sort of sweat all day and

then at night we all hang out in a house

and we do like impromptu versions of TED

talks. So the idea is everybody in the

room is world class at something. It's

like that guy knows more about how to

sell on TV infomercials than anyone else

and this guy could built the largest

company in X category. This guy built

the largest company in X category. And

so you pop them up and you say, "Hey,

tell us, you know, teach us about that."

and they have little like rough slides

that they that they take a 10-minute

talk about. So, that's the idea of the

the event is two days with 25 of the

most interesting people in the world.

You play sports and it feels you have a

summer camp vibe, but then you get the

sort of lessons learned of a TED TED TED

Talk event

>> and you're you're hosting it um

co-hosting it, I don't know how you

describe it, with Jimmy aka Mr. Beast at

his campus. And last year, and I think

every year, you get like a tour. One of

the activities was like a tour of his

movie studio, if if that's what he calls

it. And it's pretty

>> this year is cool. We actually played a

Mr. Beast game. So like we they thought

they were going for the tour, but we set

it up so that he's like, "Well, I could

show you this. You want to do it?" And

he had the cameras and the microphones

set up and so everybody got to play this

game. And they made a video that's like

private just for like it it won't go out

on YouTube, but it's like just for the

group. It's like uh the rich man version

of of like going on like a Six Flags

ride and they take a photo of you on the

ride. [laughter]

>> Yeah, exactly. [clears throat]

I was like, "Have you ever done this

before?" He's like, "Yeah, we do this

for the Makea-Wish kids." [laughter] And

I was like, "Oh, perfect. This is

great."

>> And so, do you want to can you say who

was there or is that what you

>> uh I don't want to talk too much about

who was there, but I'll give you a

couple of stories. So, I I just wrote

down three little lessons learned. I'm

trying I'm going to try to keep this

short because I can go all day about

this type of stuff. I have like pages

and pages of notes that I wrote

afterwards, but I'll give you three

things that I thought stood out. So,

this is my lessons from billionaires.

Number one, intensity is the strategy.

So, here's one of the things that

happened at the event. We had, I think,

five people who owned NBA teams at this

event, which is crazy. That's like, I

don't know, one sixth of the league. And

we were like, "What's the hardest part

about owning a team you didn't really

anticipate before you bought it?" Right?

You've been a basketball fan your whole

life. And he was like, "Well, the

hardest thing is that here's a guy on my

team who's got a 5-year $150 million

deal guaranteed. So he plays good, $150

million. He plays bad, $150 million. His

knee feels sore, he's got a boo boo, he

wants to sit out, $150 million." And

he's like, "It is very hard to lead an

organization where your upside and your

compensation is guaranteed regardless of

performance." And he goes, "In my life,

I'm on a day-to-day contract with

myself. That's how I've always been.

Let's fast forward about an hour. Now,

people have broken up into smaller

groups and two two rich guys in the

corner are talking and I think they're

about to get in a fight. They're talking

so loud and so passionately. They're

like nose tonose almost. [laughter] I'm

like, "Oh [ __ ] I got to get over

there." So, I walk over. I'm like, I

don't know what to do here. Turns out

they're not fighting. They're just both

so passionate about this one idea, which

is about living in the details. So, one

of the guys was a NBA team owner named

Matt Ishbia. He owns the Phoenix Suns.

He also owns one of, if not the largest

mortgage company in the in the country.

So, he owns United Wholesale Mortgage.

You know, he basically took over this

business from his dad. It was like a dad

his dad's side hustle and had 12

employees when he joined it and probably

did, I don't know, like singledigit

millions in in revenue maybe at that

time. And you know that was you know

whatever 2004 they did like 45 mortgages

you know not not huge volume 2005 still

slow 2006 still slow. Then 07 0809 it

starts to take off because other

mortgage lenders during the financial

crisis the subprime mortgage crisis they

went under because they were writing bad

mortgages. He was not. And so they

picked up tons of business. So they grew

literally 10x in those years and grew

and grew and grew. So now they do like I

don't know over 200 billion in loans,

two billion a year in profit at the

company level. So he's one of the

wealthiest, you know, 50 wealthiest

people in the country at this point.

>> Was his dad's company big or was it like

was it a subsidiary within a successful

company or he

>> No, it was just his own 12 person, you

know, side hustle.